OREANDA-NEWS. May 16, 2008. TNK-BP is going to earn approximately \\$700 million from its subsidiaries engaged in oil and gas production services, Timothy Summers, Chief Operating Officer of TNK-BP, said to journalists, reported the press-centre of TNK-BP.

Mr. Summers said earlier that the service revenues of the company in 2007 amounted to \\$500 million. Thus, the growth of oilfield service revenues in 2008 may increase by 40% compared to 2007.

Currently, according to Mr. Summers, oilfield services make a separate business unit of TNK-BP, which can sign contracts and develop independently. For example, negotiations on servicing Gazprom’s wells in the Orenburg Region by oilfield service forces of TNK-BP are coming to conclusion.

Nevertheless, in spite of the earlier reports on the intention to sell its oilfield services, TNK-BP has not finally decided the fate of this business. “This summer, we will decide to either sell our oilfield services, or out them to IPO, or retaining this structure in TNK-BP,” said Mr. Summers.

Apart from that, Mr. Summers noted that in 2008 the company will invest \\$120 million into purchase and modernization of drilling equipment. TNK-BP has spent a total of \\$400 million for these purposes and has reduced the drilling time and extended the service life of drilling mechanisms.